ECO 203 Week 5 DQ 2 Economies in Transition

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Economies in Transition. The movement in the direction of a market-based system with freely determined prices, competition, profits, private ownership, and other features of capitalism is not simple. Discuss some of the challenges associated with an economy transitioning from socialism to capitalism.
Reference: Chapter 20, section 20.1: World Economic Systems, and section 20.2: Transition to a Market System